Abstract: A method of continuously, non-invasively determining the cardiac output of a patient. The method includes intermittently measuring the cardiac output, the volume of carbon dioxide exhaled by the patient per breath, and determining the arterial-venous gradient of the patient or a similar substantially constant value by dividing the volume of carbon dioxide exhaled by the measured cardiac output. The arterial-venous gradient or similar substantially constant value may then be employed to determine the cardiac output of the patient on a breath-by-breath basis. The carbon dioxide elimination, which is non-invasively measured as the volume of carbon dioxide exhaled by the patient per breath, is divided by the arterial-venous gradient or the substantially constant value to determine the cardiac output.